The big question is..... will history repeat itself for a 3rd time?
If we look at the BTC Daily Chart, at the moment, it looks like BTC is in a massive Descending Triangle, its apex is around October - Dec 2022.
For those that don’t know, a Descending Triangle is a Bearish Chart Pattern.
BTC needs to CLOSE back ABOVE its Descending Trend-line! If BTC cannot manage this, then BTC will continue to create Lower Highs pushing the price closer to the Horizontal Support Line that is the Base of the Descending Triangle.
As we have seen twice before, a break below the Base of the Descending Triangle leads to around a 47% drop for BTC.
Now, I am not saying that this is going to happen, but what i am saying is that i know what BTC needs to do to keep it from happening a 3rd time……. which is a successful CLOSE ABOVE the Descending Trend-line, and then the price needs to stay ABOVE it and continue making Higher Highs and Higher Lows.
It’s as simple as that.
I hope this is helpful with your trading and hodl-ing.
If we look at the BTC Daily Chart, at the moment, it looks like BTC is in a massive Descending Triangle, its apex is around October - Dec 2022.
For those that don’t know, a Descending Triangle is a Bearish Chart Pattern.
BTC needs to CLOSE back ABOVE its Descending Trend-line! If BTC cannot manage this, then BTC will continue to create Lower Highs pushing the price closer to the Horizontal Support Line that is the Base of the Descending Triangle.
As we have seen twice before, a break below the Base of the Descending Triangle leads to around a 47% drop for BTC.
Now, I am not saying that this is going to happen, but what i am saying is that i know what BTC needs to do to keep it from happening a 3rd time……. which is a successful CLOSE ABOVE the Descending Trend-line, and then the price needs to stay ABOVE it and continue making Higher Highs and Higher Lows.
It’s as simple as that.
I hope this is helpful with your trading and hodl-ing.